Saved Help Save & Exit Submit Proctoring Enabled: Midterm 2. Prepare an income statement 3 PRECIOUS PRODUCTION LIMITED Income Statement For the quarter ended xxxx Sales $ 2,136,000 20 points Cost of goods sold: Finished goods inventory, beginning 42,100 8 00:23:50 Add: Cost of goods manufactured 432,100 Goods available for sale 474.200 Deduct: Finished goods inventory, ending 168,400 Gross margin 1,967.600 eBoo Selling and administrative expenses Administrative expenses 291,200 Selling expenses 332,600 623,800 Operating Income $ 1,343,800 3. Assume that the company produced the equivalent of 13,000 units of product during the quarter. What was the average cost per unit for direct labour? What was the average cost per unit for factory insurance? (Round your answers to 2 decimal places.) Average cost Direct labour per unit Insurance per unit 4. Assume that the company expects to produce 15,000 units of product during the coming quarter. What average cost per unit and what total cost would you expect the company to incur for direct materials at this level of activity? For factory Insurance? (In preparing your answer, assume that direct materials is a variable cost and that factory insurance is a fixed cost.) (Round "Average cost per unit" answers to 2 decimal places.) Praw FA DI DD FO F7 FIC F11 W A Q W E R T U P S caps lock D F G H J K X C B N M 96 control option command command optionProctoring Enabled: Midterm i Saved Help Save & Exit Submit Average cost 3 Direct labour per unit Insurance per unit 20 points 00:23:37 4. Assume that the company expects to produce 15,000 units of product during the coming quarter. What average cost per unit and what total cost would you expect the company to incur for direct materials at this level of activity? For factory insurance? (In preparing your answer, assume that direct materials is a variable cost and that factory insurance is a fixed cost.) (Round "Average cost per unit" answers to 2 decimal places.) Boo Average cost per unit Total cost Direct materials Insurance 5. This part of the question is not part of your Connect assignment. 6. Assuming the company produced 21,000 fully and partially finished units during the quarter, determine the cost components of the finished goods inventory, which is composed of 4,200 finished units. Direct materials Direct labour Manufacturing overhead Total 30 44 F1 F7 F11 F12 N W A 6 delete W E R Y U O P A S D F G H K retur Z X C V B N M jon command command optionProctoring Enabled: Midterm Saved Help Save & Exit Submit The following information pertains to the most recent quarter at Precious Production Limited, W Purchases of raw materials $ 381,000 Raw materials inventory, beginning 45, 600 Raw materials inventory, ending 75, 000 20 Depreciation, factory 203, 000 Insurance, factory 21, 400 points Direct labour 249, 800 Maintenance, factory 125, 600 00:22 50 Administrative expenses 291, 200 Bales 2, 136, 000 Utilities, factory 115, 000 Supplies, factory 4, 140 Selling expenses 332, 600 Indirect labour 269, 800 Book Work in process inventory, beginning 28 , 700 Work in process inventory, ending 22, 800 Finished goods inventory, beginning 42, 100 Finished goods inventory, ending 168, 400 Required: 1. Prepare a schedule of cost of goods manufactured PRECIOUS PRODUCTION Schedule of Cost of Goods Manufactured For the quarter ended xxxx Direct materials: Raw materials inventory, beginning 45,600 Add: Purchases of raw materials 381,000 Raw materials available for use 126,60 Deduct: Raw materials inventory, ending 75,000 Raw materials used in production 351,600 Direct labour 249,800 Manufacturing overhead Depreciation, factory 203,000 Utilities, factory 115,000 Maintenance, factory 125,600 Supplies, factory 4.140 Insurance fartony 21 Ann 30 F1 FA F6 F7 FB F10 F11 N W A 8 delete W E R Y L O P S D F G H J K Z X C N M 96 option command command option